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Income and Substitution Effects: Normal Good
* The Special Case--The Giffen Good
- The income effect may be large enough theoretically to cause the demand curve for a good to upward slope.
- This seldom occurs and is of little practical interest.
Quality Control: Standards and standardisation, quality systems, certification and inspections, measurement systems, testing laboratories, their accreditation and calibration
Q. What do you meant by Private Equity? Private Equity: A form of business in which company's entire equity base is owned by one or a small group of individual investors. Under
Government Production: Some production in the economy is undertaken directly by governments (or several kinds of government agencies) in order to meet public requirements (as disti
Q. What is Monetarism? Monetarism:Monetarism was a right-wing economic theory (associated with work of Milton Friedman, in particular) which believed that inflation could be co
nm utility index
Change in consumer and producer surplus from price controls * Observations: - The loss is equal to area B + C. - The change in surplus = (A - B) + (-A - C) = -B - C -
The Nature of Policy-Making : It follows that recommending policy must itself be a subjective exercise. The effects of particular-policies at a particular historical juncture
Why might an oligopoly be reluctant to change its price? When some large firms have high total market share and are non-collusive, there is a strong element of interdependency.
What are the factors that producers in the society may take into consideration when deciding on the what to produce,how to produce and for whom ?
I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
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